When it comes to keeping track of our finances, the numbers can quickly turn into seemingly indecipherable symbols. When things get complicated, a little accounting knowledge comes into play. Understanding accounting can provide us with the essential knowledge and skills we need to decipher the seemingly complex world of financial management.Through reference aids such as […]

Taxable income is the amount of income you have to pay taxes on that you have received throughout the year such as rental payments, alimony, wages, and tips. However, not all of your income is taxable. The federal government allows you to keep some of your income completely untaxed through the use of exemptions and […]

Anyone who has ever considered starting a business, then taken that first logical step of going to the bookstore (online or in real life) to find a guide to getting started can relate to the overwhelm this creates. Bookstore “business” sections are packed with advice on every possible business topic, all screaming for attention with […]

What is reconciliation in accounting? To answer this question, one must first identify what type of account needs to be reconciled. You may have balance sheet accounts such as checking or savings accounts, petty cash or investment accounts. Certain types of companies or individuals may have transit accounts which need to be reconciled.The answer to […]

Determining the marginal cost is important for any business that is looking to maximize its profits. In a nutshell, it represents the decrease or increase in the total cost incurred by producing one or more unit of a product, or serving one or more customers. When shown on a graph, marginal cost has a U-shaped […]

There comes a time in each home renter’s life where they start to dream of something more. The renter becomes tired of giving away their monthly check for a living space instead of having the money be invested in their own home. They may desire to have a place they can change and transform into […]